Ariel Property Advisors (Ariel) has recently arranged the sale of multiple properties across Brooklyn, totaling more than $20 million.
“Spanning development sites, mixed-use and multifamily assets, these transactions underscore the continued strength of Brooklyn’s real estate market and Ariel’s ability to deliver results across various asset classes,” said Sean R. Kelly, Esq., Partner at Ariel Property Advisors. “Each deal reflects the confidence investors have in Brooklyn’s continued growth, and our team’s expertise in navigating complex transactions to achieve the best outcomes for our clients.”
Recent transactions included:
- 287-299 McGuinness Boulevard, Greenpoint, sold for $11,150,000. The asset includes three adjacent multifamily buildings with a total of 30 units across approximately 31,000 SF. Director Benjamin Vago, Esq., Partner Sean R. Kelly, Esq. and Associate Erik Moloney arranged the sale.
- 901 Dekalb Avenue, Bedford-Stuyvesant, sold for $2,525,000. The 6,500 SF four-story mixed-use property features 12 free market residential units and two commercial units. An Ariel team comprised of Partner Sean R. Kelly, Esq., Associate Director Nicole Daniggelis, and Associate Paul Monaco brokered the deal on behalf of the seller, Stephen Sun & Thomas Sun. The buyer was Joseph Davoudzadeh of Metropolitan Homes Inc.
- 583 E 23rd Street, Ditmas Park, sold for $2,250,000. Built in 2010, this corner community facility spans approximately 6,612 GSF and includes seating for 90. Director Lawrence Sarn, Founding Partner Michael Tortorici and Associate Director Gabriel Elyaszadeh arranged the transaction on behalf of the seller.
Additionally, Director Benjamin Vago, Esq. and Partner Sean R. Kelly, Esq. arranged the sale of the following three stalled development sites.
- 313 Linden Street, Bushwick, sold for $1,800,000. This partially completed, 6,380 BSF development site was vested in the 421a tax abatement program.
- 1216 Putnam Avenue, Bushwick, sold for $1,600,000. This 4,836 BSF partially completed development site had approved plans for 8 residential units.
- 303 Sumpter St, Ocean Hill, sold for $1,150,000. This 5,915 BSF stalled development site had approved plans for 8 residential units and was vested in the Affordable New York 421a tax abatement program.
For insights into Brooklyn’s investment sales market, please refer to Ariel’s latest research reports covering the New York City investment sales market: Ariel Property Advisors’ Brooklyn 2024 Year-End Commercial Real Estate Trends report and Multifamily Year in Review New York City 2024.
About Ariel Property Advisors
Ariel Property Advisors is a New York City-based commercial real estate services and advisory company offering expertise in three core areas: Investment Sales, Capital Services and Research & Advisory. Our Investment Sales Group specializes in all major commercial asset types throughout the New York metropolitan area, the Capital Services Group provides clients nationwide with custom-tailored financing solutions and the Research & Advisory team delivers timely market reports, empowering both our professionals and clients. Additionally, our recent strategic partnership with GREA (Global Real Estate Advisors), a nationwide network of independent real estate investment services companies, further expands our reach and capabilities. To learn more, please visit us at arielpa.nyc.
